Guildford Coal plans to start Mongolian coking coal production mid-2012

Melbourne (Platts)--30Jan2012/137 am EST/637 GMT

Australian coal producer Guildford Coal aims to start mining at its South Gobi coking coal project in Mongolia in mid-2012, after it received its mining licence for the project Monday, the company said in a statement.

The South Gobi project has the ability to support near-term development with the potential to be a 4 million mt/year coking coal operation.

Guildford expects South Gobi to have production costs of around $20/mt ROM and forecasts selling prices of around $60/mt for raw semi-soft coking coal.

South Gobi is located in the South Gobi province of Mongolia and around 60 km from the Chinese border station of Ceke, where coal from Mongolia is currently transported through China.

Guildford said in the statement that the target customers for its coal are the growing markets in China's Gansu province, Inner Mongolia and Shanxi province.

The company expects to have an off-take agreement for the coal by the end of the first quarter 2012.

Guildford Coal also has an equity share in seven tenements contained in two projects in Mongolia through its shareholding in Terra Energy. The coal projects are located in the South Gobi and Middle Gobi coal bearing basins which contain thermal and coking coals. It also has coal tenements in Queensland's Bowen Basin.

--Marnie Hobson,



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